Bermuda reinsurer Validus Holdings has said it does not anticipate potential changes to US tax law having a material impact on its results or operations.
The Republican-led Senate has started formal negotiations to resolve differences between rival House and Senate tax bills that have been passed. But it seems likely that an agreement will be reached before Christmas, signalling the most comprehensive overhaul of the US tax system in decades.
Validus said in a statement that based on the text of the current US House and Senate tax reform bills, it does not expect the potential changes to US tax law to have a material impact on the Company’s results of operations.
Validus has also provided an initial estimate of its net losses from the October 2017 California Wildfires.
It expects the net impact from the October 2017 California Wildfires to be $30 million. This estimate is based on Validus’ current evaluation of impacted contracts and information provided by customers and intermediaries. It stressed that its actual loss from this event may vary materially from this estimate due to uncertainties inherent in this preliminary information.
Validus, Tax, California Wildfires, North America, Bermuda